Endeavour Silver shuts El Cubo as resources are depleted
Operations at the El Cubo underground mine in Guanajuato, Mexico, have been suspended and all staff will be laid off as the mine, plant and tailings facilities are placed on care and maintenance.
NYSE- and TSX-listed Endeavour Silver announced the decision on Thursday, stating that the mine’s reserves and resources had been exhausted.
Mining operations would cease on November 30, and milling operations would continue for approximately one week until the ore stockpile has been processed and the mill cleaned of concentrates.
“El Cubo was a good mine for us but our exploration programmes in recent years failed to replace reserves and find new resources. We reduced the plant throughput this year in order to explore for new reserves but without success. As forecasted, grades and throughput have been declining all year, which resulted in declining economics of the mine in recent months,” said CEO Bradford Cooke.
Suspension costs would amount to between $3.5-million and $4-million, including final severance payments for all employees.
Management would evaluate alternatives for the plant and related facilities, including moving certain components to development projects, such as Terronera and Parral to reduce their future capital costs.
The mining equipment would be relocated to Endeavour’s other operating mines, particularly Bolanitos, to help facilitate increasing the mine output to fill the plants to their capacities.
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